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Section b. HRA Housing Fund (Budget Summary /Forecasts) <br />The City Council transferred the operation, maintenance and control of all <br />the housing programs and the housing fund (the "HRA Fund ") an June 16, <br />2003. The HRA in support of the City must adopt a budget for the <br />continued funding of the Housing Plan annually. The HRA Fund was <br />developed over the years from grants, community development revenues, <br />service fees and the one- percent industrial development and housing <br />revenge bond f ees. <br />In addition, any interest earnings generated go directly back into the HRA <br />Fund as well as proceeds from the sale of the Plunbook and revenge <br />generated from the sponsor and exhibit fees of the annual Home A Garden <br />Fair. Every effort is mode to replenish the HRA Fund through revolving <br />loans within the program. However, no new funding source has been <br />approved by the City and /or HRA to assure that the housing programs are <br />funded in the future., <br />Since 1995, the City has become more proactive in providing programs that <br />meet the needs of the community. These programs do come at a cast but <br />the benefits have been outstanding. It is estimated, based upon the last 3 <br />years, that between $250,000 - $300,000 has been used to fund City <br />housing programs. The investment has generated significant investment in <br />the community. If the HRA wishes to continue to fund mousing programs at <br />that level and /or to achieve the high priority i tems, the HRA Fund will be <br />depleted within two years. <br />HRA Levy Option: <br />The HRA will review the establishment of a local levy to help stabilize the <br />HRA Fund and enable it to became more actively involved in its housing <br />decision for years to come. <br />Per Minnesota Statutes 469.0330, 5u6divisian 6, a HRA has the authority to <br />request a special levy upon all taxable property within the city boundaries <br />specifically to fund the purposes of the Housing Plan within that city. The <br />special levy request must be approved by the majority of the City Council as <br />part of the budget and truth in taxation process. <br />Housing Plan -- 2004 Page 19 Roseville HRA <br />